CORRECTING and REPLACING Empire Resorts Announces Exclusivity Agreement with Entertainment Properties Trust and MSEG LLC
19 April 2011 - 8:00AM
Business Wire
The first paragraph, second sentence of release dated April 12,
2011 should read: Empire owns and operates Monticello Casino and
Raceway and EPR is the sole owner of Concord EPT, comprising 1,500
acres located at the site of the former Concord Resort (instead of
Concord hotel).
The corrected release reads:
EMPIRE RESORTS ANNOUNCES EXCLUSIVITY
AGREEMENT WITH ENTERTAINMENT PROPERTIES TRUST AND MSEG
LLC
Empire Resorts, Inc., (NASDAQ: NYNY) (Empire) today announced it
has executed an exclusivity agreement with Entertainment Properties
Trust (NYSE: EPR) and MSEG LLC to exclusively explore the joint
development of the companies’ respective properties located in
Sullivan County, New York. Empire owns and operates Monticello
Casino and Raceway and EPR is the sole owner of Concord EPT,
comprising 1,500 acres located at the site of the former Concord
Resort.
The agreement commits the respective parties to work together
exclusively for six months to explore development opportunities of
both properties and transaction structures evaluating financial,
legal, tax and other considerations. If no mutually agreeable term
sheet has been executed by the parties within sixty days, the
agreement will be terminable by any party.
About Entertainment Properties Trust
Entertainment Properties Trust (NYSE:EPR) is a specialty real
estate investment trust (REIT) that invests in properties in select
categories which require unique industry knowledge, while offering
the potential for stable and attractive returns. The company’s
total assets exceed $2.9 billion and include megaplex movie
theatres and adjacent retail, public charter schools and other
destination recreational and specialty investments. For more
information, please visit www.eprkc.com.
About MSEG LLC
MSEG LLC is a real estate development and management company
which concentrates on properties in the sports, entertainment and
hospitality industry. MSEG LLC has been selected by the City of
Davenport as the developer of the new land based casino in
Davenport, Iowa. MSEG LLC is also involved in the ownership and
operation of the Lake Erie Crushers in Avon, Ohio. The Crushers are
a professional minor league baseball team that plays in the
Independent Frontier Baseball League.
About Empire Resorts
Empire Resorts owns and operates the Monticello Casino &
Raceway, a harness racing track and casino located in Monticello,
New York, and 90 miles from midtown Manhattan. For additional
information, please visit www.empireresorts.com.
Cautionary Statement Regarding Forward Looking
Information
Statements in this press release regarding the company’s
business that are not historical facts are “forward-looking
statements” that may involve material risks and uncertainties. The
company wishes to caution readers not to place undue reliance on
such forward-looking statements, which statements are made pursuant
to the Private Securities Litigation Reform Act of 1994, and as
such, speak only as of the date made. For a full discussion of
risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements, see “Risk
Factors” in the company’s Annual Report on Form 10-K for the most
recently ended fiscal year, as amended, as well as the company’s
Quarterly Report on Form 10-Q for the most recently ended fiscal
quarter.
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